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Econ 3010: Intermediate Price Theory (Microeconomics) Professor Dickinson Appalachian State University Lecture Notes Outline— Section 3.

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Presentation on theme: "Econ 3010: Intermediate Price Theory (Microeconomics) Professor Dickinson Appalachian State University Lecture Notes Outline— Section 3."— Presentation transcript:

1 Econ 3010: Intermediate Price Theory (Microeconomics) Professor Dickinson Appalachian State University Lecture Notes Outline— Section 3

2 Game Theory Simultaneous Move Games Dominant Strategies Nash Equilibrium Mixed Strategies Sequential Move Games

3 Uncertainty Expected Utility Risk preferences Risk aversion, risk neutrality, risk-loving Example: Demand for Insurance Example: wage negotiations

4 Exchange and Efficiency The Edgeworth Box Market Trade First and Second Welfare Theorems of Economics

5 Production and General Equilibrium The Robinson Crusoe Economy Production and consumption What if more goods exist? Production and Edgeworth Exchange

6 Public Goods Simple externalities and Coase Theorem Provision of Public goods of various sizes or quality Free-riding Voting and the Paradox of voting

7 Asymmetric Information A lemons market Adverse Selection and Moral Hazard Signaling as a solution Education Example


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